SMC more than triples income in Jan-Sept operations

enablePagination: false
maxItemsPerPage: 10
maxPaginationLinks: 10

Metro Manila (CNN Philippines, November 11) — Conglomerate giant San Miguel Corporation (SMC) continued to book recovery figures with ₱34.2 billion profit in the first nine months, more than triple the ₱10.7 billion posted a year ago.

In a statement, it said consolidated revenues also increased by 22% to ₱650.6 billion on the back of volume growth across its businesses.

"The operating environment remains very challenging, but we’ve managed to stay resilient, focus on our goals, and quickly adapt to changing conditions," said SMC President Ramon S. Ang.

"We’re determined to keep this momentum going, especially with the easing of quarantine restrictions," he added.

The pandemic response Inter-Agency Task Force placed Metro Manila at a lower alert status from Nov. 5 to 21.

Under Alert Level 2, business establishments can cater to more customers as operational capacities have been expanded to up to 70%, depending on whether their operations will be indoors or outdoors.

During the period, only San Miguel Brewery, Inc. (SMB), Ginebra San Miguel Inc. (GSMI), and San Miguel Foods grew at a milder pace, blamed on COVID-19 restrictions and liquor bans implemented in July and August—the peak of the surge driven by the Delta variant.

San Miguel Food and Beverage, Inc. posted a net income of ₱24.2 billion, while its consolidated revenues registered ₱221.7 billion.

SMC Global Power Holdings Corporation's bottom line, meanwhile, stood at ₱13.7 billion, while revenues were up 7% to ₱93.9 billion.

Fuel refinery and retail arm Petron Corporation continued to post profitability, recording ₱5 billion in the period. Consolidated revenues also climbed 35% to ₱291.6 billion.

The listed conglomerate's infrastructure unit SMC Infrastructure booked a 29% increase in revenues to ₱13.3 billion as traffic volume in all operating toll roads improved.